Average price of detached London home is £1 million pounds ....

[sasguru]

... in a quarter of London boroughs.

The average detached family home hits the £1m mark - and that includes this bungalow in Hendon | News

And forecast to double every 8 years.

Boomed! I'm going to be a multi-millionaire without lifting a finger.

[wobbegong]

Unless you were 'born and bred' there or had family there, why would anyone choose to live in London?

[AtW]

why would anyone choose to live in London?

WHS

[sasguru]

Best restaurants, pubs, art galleries, museums, shops, nightlife on the planet.
High paying and plentiful jobs.
Attracts the cleverest people from around the world.
Owning property in London means you can sell up and buy almost anywhere in the world.

Why would anyone not live in London?

[Spacecadet]

Best restaurants, pubs, art galleries, museums, shops, nightlife on the planet.
High paying and plentiful jobs.
Attracts the cleverest people from around the world.

Good reasons to visit or work in London (occasionally)

Why would anyone not live in London?

Most of it is not actually that nice, its full of plebs (like most major UK cities) and its a pain in the arse to drive anywhere. Plus houses are over priced thanks to Dick Whittington types willing to pay through the nose

[AtW]

Why would anyone not live in London?

Crowded, have to use public transport, high costs of living, "higher" salaries just get taxed higher, wee sized houses that cost a million etc etc etc

And most of all - there is a risk to meet you!

[DimPrawn]

Well done sasguru!

You have spotted the fact that London is a completely separate market when it comes to property.

Probably a good time to leverage yourself to the hilt with mortgages and pick up a few dozen million pound houses and then every eight years your fortune will double and by the time you are sixty you'll be rich enough to sell up and retire to a millionaires lifestyle. As you say, a 100% sure fire thing, without lifting a finger.

We'll look back in a few years in awe at that bungalow for only £1M.

Fill yer boots!

[GreenLabel]

We'll look back in a few years in awe at that bungalow for only £1M.

Ecospace

[DimPrawn]

Whoever buys that isn't buying that tired old bungalow, but a building plot for a yuppie house to be built.

For someone in the City, it's not even a yearly bonus.

[sasguru]

Well done sasguru!

You have spotted the fact that London is a completely separate market when it comes to property.

Probably a good time to leverage yourself to the hilt with mortgages and pick up a few dozen million pound houses and then every eight years your fortune will double and by the time you are sixty you'll be rich enough to sell up and retire to a millionaires lifestyle. As you say, a 100% sure fire thing, without lifting a finger.

We'll look back in a few years in awe at that bungalow for only £1M.

Fill yer boots!

London is indeed a different market - its the premier global city in the world at the moment.
And you're right, I am indeed getting back into the property market, however buying with cash only.
I am going to retire in 5 years (and probably go into academia) when we have saved enough money for school fees for 2 children, and live off the rental income from the properties we own.
And whatever the vicissitudes of the market short term, judicious buying in top areas of London means I can sit back and cash in in a few years.

It's a nice life.